How is the value of a real estate token tracked over time?

Behind each token is a real asset or a portfolio. The project team or an external appraiser updates the property value from time to time. This gives a net asset value (NAV) for the SPV and a reference price per token.

On active platforms, token prices also depend on supply and demand in secondary markets. If many people want to buy, prices can trade above NAV; if they want to sell, prices can fall below it. Over the long term, property quality, location, and management are what drive token value.